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| Representatives of Korean Taekwang Group and Can Tho City are at the ceremony to kick off a sport shoes factory in Hung Phu 2B Industrial Zone in Cai Rang District on September 29.— Photo thesaigontimes.vn |
CAN THO (Biz Hub) — Korean Taekwang Group started construction of a sport shoes factory in Hung Phu 2B Industrial Zone in Cai Rang District, southern Can Tho City, on September 29.
The Taekwang shoe factory, worth US$170 million, was built on an area of 62ha and is expected to be completed in 2017. The property will include a factory, warehouse, and office building.
Once operational stability has been achieved, Taekwang Can Tho factory will create jobs for 35,000 employees and earn estimated annual revenues of over $455 million.
According to Nam Dae Jung, director of Taekwang Co., Ltd, the factory will use production technology based on the standards of the US Nike Group, producing shoes to order for Nike for global export.
Meanwhile, Park Noh Wan, Korean Consulate General in HCM City, said the plant, the third owned by Taekwang in the city, marked a milestone for the development of economic cooperation between Korea and Viet Nam, adding that the free trade agreement between the two countries and the TransPacific Partnership had further helped expand the two sides' economic cooperation relations, contributing to a bilateral trade target of $70 billion by 2020.
In addition, it was a good opportunity for Taekwang to take advantage of the skilled labor in Can Tho for its growth, said Park Noh Wan.
The city's deputy chairman Truong Quang Hoai Nam said Can Tho saw Korea as a strategic partner in many cooperation projects. He added that the growing number of investments by Korean enterprises had contributed significantly to the local economic development of the city.— VNS